Author: Legal Parivar

IRB Infrastructure Trust has emerged as the highest bidder for a functional highway stretch of the National Highways Authority of India (NHAI) in Odisha, placing a bid of Rs 3,087 crore. This marks the company’s second major win in acquiring road assets in the past five weeks. The latest acquisition covers the 74.5 km Chandikhole-Bhadrak section of NH-16, part of Toll Operate Transfer (ToT) Bundle 18. IRB had previously secured ToT Bundle 17 in November, which included three highway stretches in Uttar Pradesh—Lucknow to Ayodhya, Ayodhya to Gorakhpur, and Lucknow to Sultanpur—spanning a total of 333.5 km with a bid…

Foreign institutional investors (FIIs) resumed net selling in Indian equities on December 23, offloading shares worth ₹1,795 crore, according to provisional exchange data. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth ₹3,812 crore during the session. During the day, DIIs bought shares valued at ₹15,296 crore and sold ₹11,238 crore, while FIIs purchased equities worth ₹10,714 crore but sold shares totalling ₹11,171 crore. On a year-to-date basis, FIIs have been net sellers of ₹2.77 lakh crore, whereas DIIs have net invested ₹7.61 lakh crore in Indian equities. Market Performance Benchmark indices ended the session on a…

On December 23, SBI Mutual Fund and BlackRock purchased a combined 6.5% equity stake in Belrise Industries, the automotive components manufacturer, via open market transactions worth nearly Rs 897 crore. Belrise shares rose 6.2%, closing at Rs 168.23, after hitting an intraday record high of Rs 179.90. Since its listing on May 28, the stock has nearly doubled from its issue price of Rs 90. SBI Mutual Fund acquired 5.12 crore shares (5.8% of paid-up equity) for Rs 788.3 crore, while BlackRock’s Global Equity Income Portfolio picked up 70.5 lakh shares (0.79%) for Rs 108.37 crore at Rs 153.7 per…

Both gold and silver prices surged to historic highs on Tuesday, December 23, driven by escalating geopolitical tensions and expectations of further US Federal Reserve rate cuts next year, following signs of easing inflation and a cooling labor market. On the Multi Commodity Exchange (MCX), February gold futures opened at ₹1,38,297 per 10 grams, up from the previous close of ₹1,36,744, and climbed to a fresh record high of ₹1,38,496, marking a gain of ₹1,752 per 10 grams. Similarly, March silver futures rose ₹6,577 to ₹2,19,449 per kilogram, setting a new record. Internationally, spot silver traded above $70 an ounce…

The US economy expanded at a 4.3% annualized rate in the third quarter, marking the fastest pace in two years, according to a report released Tuesday by the Bureau of Economic Analysis (BEA). The growth was supported by resilient consumer spending, increased business investment, and a moderation in trade tensions. The figure exceeded nearly all Bloomberg survey forecasts and followed a 3.8% growth rate in the previous quarter. The BEA had originally scheduled the advance estimate for GDP on October 30, but the report was delayed due to the government shutdown. Typically, the agency releases three estimates per quarter, but…

The Reserve Bank of India (RBI) on Tuesday announced measures to inject liquidity into the banking system, including open market purchases of government securities worth ₹2 trillion and a USD/INR buy/sell swap auction of $10 billion. The OMO purchases and the swap auction will be conducted between December 29, 2025, and January 22, 2026, the central bank said. In a statement, the RBI noted that it will continue to closely monitor evolving liquidity and market conditions and take appropriate steps to ensure orderly liquidity in the financial system. The announcement follows similar measures taken earlier this month, when the RBI…

The Income Tax Department has advised taxpayers to recheck their deduction and exemption claims after its risk analytics systems flagged certain filings as potentially ineligible. The department also clarified why several taxpayers received intimation emails and outlined the steps required to avoid penalties ahead of the December 31, 2025 deadline for filing revised income-tax returns (ITRs). For the Assessment Year 2025–26, tax authorities have identified multiple red flags in returns. These include donations made to unrecognised political entities, which do not qualify for tax benefits, exemption claims that fail to meet statutory requirements, incorrect identification details of charitable recipients, and…

Naxatra Labs, a deeptech startup focused on electric motor technology, has raised $3 million in a Pre-Series A funding round led by Rainmatter, the investment arm backed by Zerodha co-founder Nithin Kamath. The funding comes amid rising demand for indigenously designed motor technologies driven by India’s push towards electric vehicles (EVs) and industrial electrification. The round also saw participation from several prominent founders and operators, including Mohit Tandon (Delhivery), Himanshu Aggarwal (Aspiring Minds), Vijay Shekhar Sharma (Paytm), Aloke Bajpai (Ixigo), Anupam Jalote (iCEM), and Narayan (Ather Energy), among others. With the fresh capital, Naxatra Labs plans to strengthen its research…

CoreEL Technologies, a Bengaluru-based aerospace and defence electronics company, has secured $30 million in Series B funding, led by ValueQuest Scale Fund, with continued participation from existing investor 360 ONE Asset. According to a company statement, the funds will be deployed to expand manufacturing capacity, strengthen its presence in large-scale defence programmes, and enhance research and development, product engineering, and execution of complex aerospace and defence projects in India and international markets. 360 ONE Asset, which had led CoreEL’s Series A funding round, further increased its stake in the company by participating in the latest investment. Founded in 1999, CoreEL…

Tonbo Imaging India, a Bengaluru-based defence electronics original equipment manufacturer (OEM), has filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). The proposed IPO will consist entirely of an offer-for-sale (OFS) of 1.8 crore equity shares, with no fresh issue component. Consequently, all proceeds from the issue, excluding offer-related expenses, will be received by the selling shareholders, according to the DRHP filed on December 22. The selling shareholders include the company’s promoters—Arvind Kondangi Lakshmikumar, Ankit Kumar, Cecilia D’Souza, and Vinimaya Advisory LLP—along with investors…